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On 29 August, Suncorp-Metway (Suncorp) (A+/A1/A+) launched a one-year Australian dollar denominated floating-rate note (FRN) deal. Indicative price guidance for the forthcoming transaction is 43 basis points area over three-month bank bills. Pricing is expected on the day of launch, according to joint lead managers ANZ and Commonwealth Bank of Australia.
Liberty Financial (Liberty) (BBB- by S&P) launched a minimum A$100 million (US$67.4 million) 3.5-year senior-unsecured floating-rate note (FRN) deal on 29 August, with indicative price guidance of 265 basis points area over three-month bank bills. Pricing is expected on the day of launch, according to lead managers Deutsche Bank, National Australia Bank and Westpac Institutional Bank.
On 29 August, Toyota Finance New Zealand (Toyota NZ) (AA-/Aa3) mandated ANZ as lead manager for a new five-year domestic wholesale deal.
The inaugural asset-backed securities (ABS) transaction from Zipmoney (Zip) is – according to the deal’s arranger – the world’s first-ever master trust securitisation of buy-now-pay-later (BNPL) receivables. The issuer says establishing the funding vehicle will provide it with flexibility and efficiency to support continued growth and that the debut deal was well received by investors hungry for diversified, high-yielding product.
On 28 August, Columbus Capital launched its nonresident residential mortgage-backed securities (RMBS) deal, Vermilion Trust No. 1 Bond Series 2019-1 (Vermilion 2019-1). Indicative total volume for the transaction is capped at A$250 million (US$168.9 million), with pricing expected on or before 30 August. Credit Suisse, MUFG Securities, Natixis, Standard Chartered and Westpac Institutional Bank are joint lead managers.
While on a trip to the antipodes, PGIM’s chief investment strategist and head of global bonds, Robert Tipp, spoke to KangaNews about the realities of the low-rate environment and fixed-income investment strategy amid negative headlines and challenging market conditions.
BNG Bank (AAA/Aaa) launched an indicative A$20 million (US$13.5 million) increase to its July 2028 Kangaroo bond on 28 August. Indicative price guidance for the forthcoming transaction, which is expected to price on the day of launch, is 51 basis points area over semi-quarterly swap, equivalent to 52.9 basis points area over Australian Commonwealth government bond. J.P. Morgan is leading.
On 28 August, Eclipx Group (Eclipx) revealed plans for a potential New Zealand dollar denominated asset-backed securities (ABS) deal from its FP Ignition programme. ANZ and Westpac New Zealand have been mandated to arrange investor meetings on 3 September in Wellington and on 4 September in Auckland.